Businesses, especially SMEs, usually struggle for much needed cash while they have locked working capital in the form of accounts receivable. In addition, SMEs are, in many cases, not ineligible for traditional forms of business funding including invoice financing and asset based lending.
Invoice Factoring suffers a number of inherent risks including supplier fraud, receivable title, receivable transfer, payment delay, and many more.
BFactor is built to minimise the complexities, remove intermediaries, and mitigate the risks.
What it does
BFactor Platform connects businesses with thousands of funding sources and builds the required trust among the ecosystem participants.
How we built it
- Smart contracts using Solidity
- Built on Tuffle, Mocha (testing framework), Chai (assertions), and Ganache
- Using OpenZeppelin framework implementing ERC-721, security, access control, and utilities ### BFactor platform:
- Built using React.js, web3.js, Material UI components, HTML and CSS
- Connects to MetaMask
- Circle Rest API for payments, digital wallet infrastructure and the USD Coin (USDC) stablecoin
Challenges we ran into
- The application had to go major refactoring to integrate NFTs and IPFS
- Circle API integration especially around encryption
Accomplishments that we're proud of
- The integration of the NFTs in the business use-case (tokenisation process)
- The start of integration of payment and settlement rails through Circle is a new major step for the application
What we learned
- A focus on risk mitigation
- The design of a new Escrow solution required for risk mitigation
What's next for BFactor
- Full implementation and integration with Circle payment infrastructure
- Implementation of the Escrow solution
- Design and implementation of a full decentralised solution while maintaining risk mitigation
- Working on finishing the refactoring of the Admin application and the Business dashboard DApps
- User research based on the enhanced PoC
- Building up towards an MVP